FRANKFURT (DEUTSCHE-BOERSE AG) - Scale Market Report: The initial momentum may have faded, but since the start of the year, the Scale segment continues to outperform the DAX and other indices in terms of price gains. Among the top winners are Steyr Motors, Pfisterer, IBU-tec, and Daldrup & Sohne.
November 17, 2025. FRANKFURT (Deutsche Borse). Even in the micro-cap segment, sentiment has cooled somewhat. The Scale All Share Index has recently declined, yet highly divergent developments persist beneath the surface. For example, Steyr Motors (AT0000A3FW25) has seen its share price more than triple since the beginning of the year, while newcomer Pfisterer (DE000PFSE212) has more than doubled since its IPO in May. In contrast, the stock of real estate developer Noratis (DE000A2E4MK4), currently undergoing restructuring, has lost over 80 percent since January.
The Scale All Share stood at 1,349 points at midday Monday--down from its three-year high of nearly 1,430 points in October. Since the start of the year, this marks a 21 percent gain, outpacing the DAX, MDAX, and SDAX, which have posted returns of 19 percent, 14 percent, and 17 percent, respectively.
"In a Few Years, New Dimensions for IBU-tec Revenue and Earnings"
One driver is Daldrup & Sohne (DE0007830572), the drilling technology company from Ascheberg in Münsterland. By the end of August, it reported a record order backlog. The stock is now trading at EUR16.70, up from EUR9 at the end of 2024.
IBU-tec advanced materials (DE000A0XYHT5) also made a significant leap in mid-October. The share price of the company, which produces cathode material for batteries, hit EUR26.80 and currently stands at EUR18.70. Compared to EUR6.58 at the start of the year, that's still nearly a threefold increase. Research firm Montega has initiated coverage of IBU-tec with a "buy" recommendation and a target price of EUR21. Montega highlights IBU-tec's "outstanding position as the only European LFP manufacturer (lithium iron phosphate batteries)." Revenue and earnings are expected to reach new dimensions within a few years, according to the firm.
Share Price Doubles for "Germany's Most Unusual Hotel Chain"
The share price of hotel operator Tin Inn (DE000A40ZTT8) has climbed from EUR6.90 at its May IPO to EUR14.20. The company--described by FAZ as "Germany's most unusual hotel chain"--builds and operates hotels from recycled overseas containers. Currently, there are six locations, in smaller cities like Erkelenz and Montabaur. The planned expansion is now set to accelerate, and a secured corporate bond is to be issued.
Nürnberger Jumps on Takeover Offer
The sharp rise in Nürnberger Beteiligungsgesellschaft (DE0008435967) shares is due to a takeover bid. After significant losses, the company sought a new owner and awarded the contract to Austria's Vienna Insurance Group (VIG). VIG has committed to making a voluntary public acquisition offer to all Nürnberger shareholders at EUR120 per share--a significant premium to the roughly EUR65 trading price before the offer.
Nürnberger Leads in Trading Volume
In October, due to the takeover offer, Nürnberger Beteiligungs AG led the Scale segment in trading volume on Deutsche Borse, reaching EUR60 million. Usual high-volume names followed: Pfisterer, 2G Energy, Mensch und Maschine, Deutsche Rohstoff, Steyr, and IBU-tec. Year-to-date, 2G, Mensch und Maschine, Deutsche Rohstoff, and The Platform Group continue to post the highest volumes.
2G and PTG Off Highs, Noratis Deep in the Red
2G Energy (DE000A0HL8N9) is currently trading well below its yearly highs. The decentralized energy solutions manufacturer's stock peaked at nearly EUR40 in August and now stands at just EUR25.15. The trigger: At the end of October, the company lowered its revenue and profit margin outlook for 2025. However, First Berlin research believes the reasons for the weaker outlook--such as a system change--are temporary. They continue to recommend buying the stock, with a target price of EUR37.
The Platform Group (DE000A2QEFA1) has just published its "Vision 2030," aiming for revenue of at least EUR3 billion by 2030 and a double-digit margin for the first time. The share price does not currently reflect this, trading at EUR8.32 after a yearly high of EUR12.70. Analysts see this as undervalued: NuWays sets a target of EUR21, First Berlin EUR20.
Noratis is struggling. The residential real estate developer from Eschborn last week adopted a comprehensive restructuring plan and, among other measures, suspended interest payments on the corporate bond due in 2029 (DE000A3H2TV6). The stock now trades at just EUR0.35, down from EUR1.54 at the start of the year.
Further Recommendations for Scale Stocks
GBC recommends Advanced Blockchain as a buy, target price EUR3.79, current price EUR3.15.
Warburg Research recommends Blue Cap as a buy, target price EUR32.00, current price EUR19.70.
SMC-Research recommends Blue Cap as a buy, target price EUR31.30, current price EUR19.70.
Montega recommends Ernst Russ as a buy, target price EUR10.00, current price EUR6.88.
Bank M recommends Datron as a buy, target price EUR13.30, current price EUR7.30.
Montega recommends Nynomic as a buy, target price EUR18.00, current price EUR11.10.
NuWays recommends Nynomic as a buy, target price EUR21.00, current price EUR11.10.
Montega recommends Cantourage as a buy, target price EUR6.00, current price EUR2.92.
NuWays recommends Cantourage as a buy, target price EUR10.50, current price EUR2.92.
By Anna-Maria Borse © November 17, 2025, Deutsche Borse AG
(The content of this column is the sole responsibility of Deutsche Borse AG. These articles do not constitute an invitation to buy or sell securities or other assets.)
